Forum Replies Created
Hi Leo,
Tools says check with council. They will tell you if its ok and the max height.
You might be able to share the cost with the neighbouring property owner.
The new fence would be a capitol item and you could claim depreciation.
When you get quotes, get several as I have found that there could be a big varience on price and quatity of materials. Happy fencing !!
hrm
Landt 64,
I know exactly how you feel.. The cost to change the washer is expensive, but in these days of water restrictions and conservation I think the tennant would have good grounds to have them fixed.
Use a hanyman as they are cheaper and try to have it done with other repairs.
PS make sure your repairer uses the best quality washers available.
hrm
Hi Rich,
Thanks for the opportunity.
What would you suggest for this one:
I have a 3 br townhouse in Maribyrnong Vic. It is 3 levels. Ground floor is a tandem garage and the upper levels are beds, lounge etc.
My creative tennant has made up a 4 th. bedroom using a piece of carpet on the concrete floor, and some furniture as partisions around the bed.
It this legal and whats your advice please !
hrm
Hi Ronulas,
You’ve done very well considering your income and the private schooling for the kids.
You mentioned: your wife could work, have some bad debt, seen some good prop buys.
When we started out investing in property the wife and I worked, worked and worked some more. We had 7 days a week employment, no social life, no time to spend and saved heaps in less that two years. Could doing more paid work help the situation?
Suggestion: Sell the PPOR and rent. Tissy it up for spring and pocket say $40K or more and no CGT. LVRs would still be similar; just under 80%. You may be able to clear some bad debt too and have a deposit for a low cost IP.
Another: Revalue the properties if you think that they have gone up to improve the LVR.
Good luck.
hrm
Hi,
Young + high income = buy more.
What about buying in the UK?
Good luck.
hrm
Hi All,
I have just one commercail(factory / showroom).
Had a business operating out of it and the owners decided to sell. At the time in 1999 the rent payment exceeded the interest cost so we bought. its value has gone up atleast 80 percent and rents are now well above the interest. This has been a top investment.
I would like to buy others but I have seen a lot of props sit mt for many months. I guess you need to get a good (quality brand / franchise)tennant, not your mum and dad setups that seem to have a high failure rate.
Yes agree that once a good tennant is in place the prop can be hassle free and the tenants pay all the outgoings!!!
hrm
Hi Matt,
Sounds like the ones we dream about!
If I was half serious I would ask the tennant if they plan to re sign and I would have their lease checked out.
hrm
Hi Dazz,
Thanks for sharing your delima with us.
Kids I have two , son 21 and a daughter 18.
My son is all that I could expect: he follows my advice and he is my buddy.I am extremenly gratefull to have him.
Tha daughter on the other hand is a lot different. Up to the age of 11 I would always look forward to arriving home and she would immediately sit on Dad’s lap and want a cuddle.Since then she has become quite different in that she doesn’t sit on Dad’s lap anymore and the kisses and cuddles have gone.It’s amasing how you miss these little things in life but don’t realise till much later.
The best man at my wedding and a very lomg time friend works in the oil industry. About 6-8 years back he went consulting for the big bucks. When he was with Esso in Bass straight his shifts were two weeks on two weeks off and he commuted from Sale to Melbourne so he spent almost 50% of time at home.
He has accumulated sufficient savings to retire now but he does not seem to have any plans to scale down or stop. He and his wife have three boys: 21,19 and 16. Unfortuantely he is very distant from his kids, they hardly know him.
Like your peers at work who say that they would prefers to spend more time at home, I would do the same. I would very much like to wind back the clock to when my daughter was 10………..no amount of money could compensate this situation.
You daughters are at an age where they may alienate you if your not close. Enjoy the formative years of your kids.
Money is essentail for life but how much do we need???? You are in a comfortable position financially.You can alway go back to money fields at any time in the future, but all the money in the world can not windback the clock.
Whats my advice: “Don’t pay the high price”. Down scale, do less days, less shifts, or take a year or two off, enjoy the cake !!!!
hrm
Hi Syedh,
I’ll try to answer some of your Qs.
Q where do I get more information from? try The Age Saturdays,
Q how does off the plan properties deals work? (is it I pay 5% and pay the rest when complete? or buy an option to buy in a project?[i]Normally you would sign a contract for sale and pay the deposit, generally 10% then wait for it to be completed if it has not been constructed
Q positives, negatives ?? Heaps this is where you need some learning, but I’ll list a few:
POS: you have a completed house with features / colours / fitout the way you want;
all the hard work has been done;may pay less stamp duty.Neg: you’ll pay more as they are doing all the hard work.
These are just afew that come to mind. I’m sure otheres will add to this list.
You could do a search on this forum for “buying off the plan”.
Hope this helps.
hrm
Agree with Gross,
You requested the valuation, you paid for it, it’s your confidential info….not the real estate agent.
I would follow Gross’ course of action but I would get the ball rolling by phone first than follow up in writing.
Please keep us informed of your progress, good luck.
hrm
Hi AX6,
It’s very difficult to advise with out knowing your financial situation and goals.
The wife wants the reno, then perhaps get a loan.
If you sell, your gains will obviously be erroded by CGT, fees and commissions.
You may need to provide details of the financials, etc. for better advice.
hrm
Dazz & Gross,
Thanks for the explainations. Appreciated.
Always learning.
Regards[snorkle]
hrm
Hi Milenko,
Congrats on your first IP.
Now you need to manage the property effectively to minimise costs and maximise income.
Costs:
Western has suggested off-set account with re-draw facilities. Put all your spare cash into this account and draw out as required. This will reduce interest $.
Have a depreciation schedule raised and claim against income eash year.
Work out all deductions and income for the year and approach your employer and request a tax variation. This will mean that you will pay less tax each pay day instead on claiming at the end of the tax year.
Have rent paid to you by direct credit to your loan account as frequently as possible. I get rent payments from one agent fortnightly.
Get the best value for money with your insurance (landlords)
See if there are any discounts from your body corp for paying earlier.
See if you can trim down any costs with your PM.
Find a low cost handyperson to do your maintenance.
Income:
“Tennant for 5 years @ $140 per week” ??????
Ensure you have annual rent reviews (increase)
Investigate ways / ideas to increase rent.
Good luck and I hope that this is of some help.
hrm
Hi Pen,
I too would be a scardecat if council is saying no to the old house being occupied.
Talk to a Town Planner at the local council for possible zoning changes, or
Possibly rent out as storage space (if permitted by council).
hrm
Gross,
I don’t understand your “con”
Could you please explain what this means:
cons
unless structure correctly home is possibly in line for creditor attack.Thanks
Herb
hrm
Hi,
Congrats on a great IP, gone up 100%.
The first thing I guess would be to work out how much you got, or how much the banks will lend you. then go from there.
How much enthusiasm do you need when you have already gained 100% on the IP.Go for it!!!!
hrm
Furrymoggy,
What crap are you on about?
Sounds to me that you are the one on drugs!!!!!!
hrm
Depreciator,
Very effici[specool]ent, good value, highly recommended!
hrm
Anyone,
What does PBT mean please?
hrm
After accumulating some properties and one is close to retirement i.e. over 50, What strategies would be effective for retirement with IPs.
hrm
